Extra Space Storage (NYSE:EXR) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Extra Space Storage (NYSE:EXR) from a sell rating to a hold rating in a report released on Tuesday morning.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company upped their price objective on Extra Space Storage from $150.00 to $160.00 and gave the company an overweight rating in a research note on Friday, April 5th. Citigroup decreased their price target on Extra Space Storage from $168.00 to $160.00 and set a neutral rating on the stock in a research report on Friday, June 7th. Raymond James increased their price target on Extra Space Storage from $160.00 to $175.00 and gave the stock an outperform rating in a research report on Tuesday. Evercore ISI increased their price target on Extra Space Storage from $140.00 to $151.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Finally, Scotiabank increased their price target on Extra Space Storage from $140.00 to $159.00 and gave the stock a sector underperform rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $157.67.

Extra Space Storage Trading Up 2.4 %

EXR stock opened at $164.61 on Tuesday. Extra Space Storage has a 1-year low of $101.19 and a 1-year high of $171.46. The firm has a market cap of $34.85 billion, a P/E ratio of 36.66, a P/E/G ratio of 3.41 and a beta of 0.83. The business’s 50 day moving average is $154.38 and its 200-day moving average is $147.36. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.73.

Extra Space Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.94%. The ex-dividend date was Friday, June 14th. Extra Space Storage’s dividend payout ratio is 144.32%.

Insiders Place Their Bets

In other news, Director Joseph J. Bonner sold 677 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $148.22, for a total value of $100,344.94. Following the transaction, the director now owns 5,229 shares of the company’s stock, valued at approximately $775,042.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Joseph D. Margolis sold 7,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $152.58, for a total value of $1,144,350.00. Following the transaction, the chief executive officer now owns 31,690 shares of the company’s stock, valued at approximately $4,835,260.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph J. Bonner sold 677 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $148.22, for a total value of $100,344.94. Following the completion of the transaction, the director now directly owns 5,229 shares in the company, valued at approximately $775,042.38. The disclosure for this sale can be found here. Company insiders own 1.36% of the company’s stock.

Institutional Trading of Extra Space Storage

Several hedge funds have recently added to or reduced their stakes in the business. EdgeRock Capital LLC bought a new position in Extra Space Storage during the second quarter worth about $25,000. Creekmur Asset Management LLC bought a new position in Extra Space Storage during the fourth quarter worth about $26,000. Blue Trust Inc. lifted its holdings in Extra Space Storage by 540.5% during the second quarter. Blue Trust Inc. now owns 237 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 200 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Extra Space Storage by 200.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 300 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 200 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Extra Space Storage by 19.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 461 shares of the real estate investment trust’s stock worth $72,000 after acquiring an additional 76 shares in the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.